Bank Chairmen Under Fire Over Weakened Climate Commitments as Shareholders Stage Revolt
A growing movement of shareholders is poised to take aim at bank chairmen who water down their lenders' climate commitments, sparking a battle over corporate accountability. Campaigners like ShareAction, which has been tracking the actions of 34 major financial institutions, are set to release detailed reports on whether these firms are sticking to their environmental goals.
The UK's largest banks, including NatWest, Lloyds, and HSBC, will be among the first to face scrutiny under the microscope. ShareAction plans to issue a list of recommendations to institutional shareholders, urging them to vote against the re-election of any chairman who is overseeing climate backtracking. These votes are set to take place at annual shareholder meetings starting this spring.
While it's unlikely that the removal of a chairman will result from these votes, ShareAction's senior campaign manager Kelly Shields believes that even a slight decrease in support can send a powerful message to directors. "Those directors are getting nodded through with 98-99% of the vote," she noted. "Even a small amount knocked off of that can send quite a strong signal, and it does make it a bit more personal."
ShareAction's campaign aims to slow down the trend of climate backtracking by financial institutions, which have been emboldened in recent months by Donald Trump's anti-green agenda. As the Republican president has pushed for an increase in oil and gas production, banks are under pressure to ramp up financing for fossil fuel companies.
This renewed push has led to several high-profile defections from the UN-backed net zero banking alliance (NZBA), which aimed to get member banks to achieve net-zero emissions targets by 2050 or earlier. The group's demise in September was largely attributed to the withdrawal of key members, including JP Morgan, Citigroup, Goldman Sachs, and UK lenders Barclays and HSBC.
HSBC's recent announcement that it is delaying certain climate goals and watering down environmental targets has sparked widespread criticism from campaigners. ShareAction's Shields is calling on banks to reassess their priorities, saying, "We really want banks to reassess this and do what's needed to make sure that we've got long-term financial stability and are prioritising people and planet."
A growing movement of shareholders is poised to take aim at bank chairmen who water down their lenders' climate commitments, sparking a battle over corporate accountability. Campaigners like ShareAction, which has been tracking the actions of 34 major financial institutions, are set to release detailed reports on whether these firms are sticking to their environmental goals.
The UK's largest banks, including NatWest, Lloyds, and HSBC, will be among the first to face scrutiny under the microscope. ShareAction plans to issue a list of recommendations to institutional shareholders, urging them to vote against the re-election of any chairman who is overseeing climate backtracking. These votes are set to take place at annual shareholder meetings starting this spring.
While it's unlikely that the removal of a chairman will result from these votes, ShareAction's senior campaign manager Kelly Shields believes that even a slight decrease in support can send a powerful message to directors. "Those directors are getting nodded through with 98-99% of the vote," she noted. "Even a small amount knocked off of that can send quite a strong signal, and it does make it a bit more personal."
ShareAction's campaign aims to slow down the trend of climate backtracking by financial institutions, which have been emboldened in recent months by Donald Trump's anti-green agenda. As the Republican president has pushed for an increase in oil and gas production, banks are under pressure to ramp up financing for fossil fuel companies.
This renewed push has led to several high-profile defections from the UN-backed net zero banking alliance (NZBA), which aimed to get member banks to achieve net-zero emissions targets by 2050 or earlier. The group's demise in September was largely attributed to the withdrawal of key members, including JP Morgan, Citigroup, Goldman Sachs, and UK lenders Barclays and HSBC.
HSBC's recent announcement that it is delaying certain climate goals and watering down environmental targets has sparked widespread criticism from campaigners. ShareAction's Shields is calling on banks to reassess their priorities, saying, "We really want banks to reassess this and do what's needed to make sure that we've got long-term financial stability and are prioritising people and planet."
It's like they think we're not paying attention or something! ShareAction is all over this, releasing reports on major banks like NatWest and Lloyds. They want shareholders to vote against those CEOs who are all, "Hey, let's just chill on the whole climate thing." 
Banks have always been a bit wonky when it comes to doing what's good for the planet. But ShareAction is trying to hold them accountable.
The world needs more people prioritizing people and planet over profits.
!!! It's about time those bank chairmen get held accountable for their climate commitments! I mean, can you even believe they're watering down environmental targets? It's like, what's the point of having a green agenda if you're not going to follow through on it? 
. And yeah, even if the removal of a chairman doesn't happen right away, just seeing those chairmen's support numbers drop will definitely make them think twice about what they're doing.
. We need more transparency and accountability in corporate decisions, especially when it comes to the planet. This is a big win for all of us who care about the future! 
the banking world needs a major shakeup ASAP. all these chairmen just watering down climate commitments like they're in some kind of corporate game of musical chairs... meanwhile, the planet is literally burning 
. i'm so tired of these execs just looking out for their own pockets and not caring about the long-term consequences. it's like they think we're all just gonna forget about climate change as soon as they turn off the news 
. shareaction is doing some awesome work highlighting these discrepancies, but someone needs to hold these banks accountable 
. can't wait to see what happens when shareholders start getting restless 
. I'm actually kind of hopeful that these shareholders are going to start making some noise 
. It's crazy that they need someone to tell them what's good for the planet, but at the same time, it's about time someone did 
is it true that some banks are actually reducing their climate commitments? that doesn't seem right to me. like shouldn't they be helping us instead of hurting the planet? 
I know there are a lot of shareholders who care about this stuff, but it feels like no one is listening to them. ShareAction seems like a great organization - they're really taking on these chairmen and holding them accountable. We need more people like that! 
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. It feels like ShareAction is trying to capitalize on some recent trend or agenda. Let's not get ahead of ourselves here...
️. The fact that HSBC is delaying climate goals and undermining environmental targets is just disgusting 
. We need more accountability and transparency from these institutions, pronto!
. It's time for them to get their act together!
... it's like, they're trying so hard to push these banks towards sustainability, but the bankers just aren't listening 
. I mean, 98-99% of the vote is crazy, and for directors who are all about climate backtracking, even a tiny decrease in support can be super damaging 
. Can't we just get everyone on board with this whole sustainability thing already? 
. like, climate change is not a joke anymore, but they're still pushing for fossil fuels 
. i mean, 98-99% of the vote isn't exactly a ringing endorsement 
.
. I mean, who needs a comfy office when you're helping fossil fuel companies blow out the environment? It's like they say, 'you can't put a price on the planet'... but it looks like they're trying to do just that 
!
. We're not just talking about vague commitments here – we need concrete actions 
. The fact that ShareAction is taking on these chairmen is a good start 
.
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? like, climate change is a major issue and they're just trying to save face? ShareAction is doing some amazing work to hold them accountable 
. And yeah, even if there aren't major consequences from the shareholder votes, it's still going to send a message and encourage banks to rethink their priorities 
. Let's keep pushing for sustainability and accountability! 